States are continuing to increase their efforts to collect Use Tax
Submitted by admin on Mon, 08/22/2011 - 15:34
States are continuing to increase their efforts to collect Use Tax on items that individuals buy from out of state sellers. When an individual buys stuff on the internet or mail order and the seller is from another state Sales Taxes are often not paid by the buyer or collected by the Seller.
New 1099 Requirements Repealed
Submitted by admin on Mon, 08/22/2011 - 12:41
We previously reported that new and very onerous requirements would be added beginning in 2012 for business 1099 reporting. We thought at the time that the law looked likely to be repealed and indeed it has been repealed.
A slight reduction in Payroll Taxes
Submitted by admin on Mon, 08/22/2011 - 12:20
It isn't a lot but every little bit helps.
The Federal Unemployment Tax Act surcharge of 0.2%, which was originally enacted in 1976, expired on June 30, 2011.
You may be eligible to receive Free Tax Help
Submitted by admin on Mon, 02/14/2011 - 17:00
The IRS has two programs that provide tax preparation assistance for free.
One of them is for people who have income below $49,000.00 and the other is for people over 60. It is a shame that the tax laws are so complex that people need help at all, but they are.
We just want people to know that they do not necessarily have to pay a professional for help.
Legislation removes cell phone record keeping requirements
Submitted by admin on Wed, 01/12/2011 - 17:00
Another provision of the Small Business Jobs Act of 2010 removes cell phones from listed property so their cost can be deducted or depreciated like other business property, without onerous record-keeping requirements.
You can still get IRS tax Forms by mail
Submitted by admin on Sun, 01/09/2011 - 17:00
You can still get IRS tax Forms by mail.
Here’s how:
Small Business Health Care Tax Credit
Submitted by admin on Fri, 01/07/2011 - 17:00
Another New Tax law change that benefits small business is the Small Business Health Care Tax Credit which takes effect now.
In simple terms this will allow some small businesses who pay for health insurance for their employees to save on taxes. While not a benefit to all small businesses it will help some and you should know about it.
Here it is straight from the IRS:
Have you been using Tax Deposit Coupons – Form 8109?
Submitted by admin on Thu, 01/06/2011 - 17:00
The Bad News is that the IRS is requiring businesses that could previously make Federal Tax Deposits by coupon to now use other methods.
The Good News - for those that find the web based and other systems too complicated and time consuming - is that you can make your deposits by telephone.
1099′s – New Law changes requirements beginning in 2012
Submitted by admin on Mon, 01/03/2011 - 17:00
The burden placed on small businesses and start-ups just keeps getting higher and higher.
Beginning in 2012 businesses will have to issue 1099 tax forms not just to contract workers but to any individual or corporation from which they buy more than $600 in goods or services in a tax year. These changes will cause businesses to have to track many more of their transactions and issue many more forms – if they stand.
Taxpayers affected by late tax breaks should wait to file
Submitted by admin on Mon, 01/03/2011 - 17:00
Some people who are affected by the last minute tax law changes or who itemize deductions will have to wait until mid to late February to file to give the IRS time to adjust.
Here is the list of areas with changes that will require waiting:
